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Since 1998, our Capital Markets practice has represented loan originators, loan sellers, master and special servicers, operating advisors, asset representations reviewers, B-piece investors, underwriters, and issuers in more than 750 CMBS securitization transactions, including 125 CMBS transactions involving the securitization of more than $99.5 billion commercial real estate loans over the last 12 months and 4 collateralized commercial real estate loan transaction (CLO) for Prime Finance involving more than $1.9 billion of real estate loans in which Polsinelli acted as issuer’s and loan seller’s counsel. Our work on this large number of complex securitization and structured finance transactions and our strong presence in the capital markets allows us to help our clients take advantage of opportunities and overcome challenges in all market conditions.

As recognized leaders in the representation of commercial loan originators and servicers, we know and understand the conduit loan and securitization market from beginning to end. We work with attorneys in Polsinelli’s conduit loan origination practice, which has documented over 4,400 conduit loans around the country, and loan enforcement practice to both structure loans for the conduit securitization market and work out, enforce, and defend borrower defaults and loan seller defaults pursuant to market standards.

We also have experience with various types of derivatives and structured products involving interest rates, securities and credit, including the following derivative products:

In recent years, the Securities Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) have taken numerous actions to address the perceived lack of transparency in the municipal markets, such as:

In August 2010, the Financial Accounting Standards Board (FASB) released its Proposed Accounting Standards Update on Leases which, if enacted, would have essentially eliminated the concept of an operating lease and required recognition of all leases on the balance sheet. For many of our clients, this change would have impacted balance sheets, debt covenants and future real estate transactions. FASB and IASB, after further deliberation and discussion, intend to issue a final standard for leases later in 2011. Health care providers should consult with their legal advisors and their accountants before the effective date of the final rules in order to understand the consequences of such changes.

The Department of the Treasury recently issued important new rules addressing the types of modifications that may be made to loans held by REMICs. These changes are extremely important to both servicers and borrowers because they now allow modifications to loans that previously have been prohibited.

“Polsinelli receives our highest marks for the legal work they perform on Commercial Mortgage Backed Securities (CMBS) transactions. They are subject matter experts on loan servicing and servicing agreements, and are deep in commercial real estate lending, restructures and litigation. The firm's attorneys are extremely professional and responsive, a critical attribute given the tight deadlines for our deals.”